A cryptocurrency exchange Nova Exchange made a shocking revelation that it is going to close down its platform. Let's discuss the reasons behind Nova Exchange shut down.
31 October, AtoZ Markets - Nova Exchange announced shutting down its platform due to changes in its leadership. The cryptocurrency venue is redesigning its operations.
The company vows major upgrades to the exchange in terms of better handling, stability, and security. According to a statement, the company said that it will have new owners and management which will come into an effect from April.
Reasons for Nova Exchange shut down
Better management and security of customer funds are the reasons behind closing down its platform, the exchange explained. According to the official statement, the company says:
“For better management and security of customer funds, we have decided to close down Nova exchange so that the users can withdraw all their funds with no participation/responsibility of action of the new management.”
It has also announced its preliminary plan mentioned as below:
- 2017-10-30 User registration closes, add coin page closes, disabling deposits of ETC and ETH
- 2017-11-30 Deposits disabled for all coins, all users get to level 3 verified account level
- 2017-12-15 One last deposit scan to take care of deposits made after 2017-11-30
- 2018-01-31 Email reminder to all registered users
- 2018-02-28 Trading engine stops, dice game stops, API stops
- 2018-03-31 Login stop, website replaced with information
- 2018-04-15 Support closes, all user data removed
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What now for clients of Nova Exchange?
The exchange urged customers to withdraw their funds before 2018-04-01 otherwise it won't be refundable after the mentioned date.
“Remaining user balances that have not been withdrawn before 2018-04-01 will be considered a donation and is not refundable,” says Nova Exchange.
Nova Exchange is one of the more prominent altcoin exchanges. It lists a wide range of cryptocurrencies especially lower market cap altcoins that are not on larger exchanges. However, the exchange trades more than 230 coins such as Bitcoin and Ethereum.
Registration was free and fees were 0.2 percent for processed trades. Beyond trading, it also offers ‘dice’ and ‘scratchcard’ gambling features. The platform announced that it suffered a hack of less than 5 BTC in late 2016 and set up a fund to repay customers.
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